STATE BANK OF PAKISTAN SBP Working Paper Series
... reduce-form macroeconomic models. Among them, the most important advantage is that the structural interpretations of deep parameters of RBC type models are less vulnerable to Lucas critique (Lucas, 1976). The traditional macro-econometric models contained equations linking variables of interest of e ...
... reduce-form macroeconomic models. Among them, the most important advantage is that the structural interpretations of deep parameters of RBC type models are less vulnerable to Lucas critique (Lucas, 1976). The traditional macro-econometric models contained equations linking variables of interest of e ...
Reforming The Fertiliser Sector
... targeted only at small and marginal farmers. But targeting the poor is difficult at the best of times, and assessing poverty—based on landholdings or some other measure—will be difficult. A second problem emerges with targeting tenant farmers and sharecroppers. The Situational Assessment Survey of A ...
... targeted only at small and marginal farmers. But targeting the poor is difficult at the best of times, and assessing poverty—based on landholdings or some other measure—will be difficult. A second problem emerges with targeting tenant farmers and sharecroppers. The Situational Assessment Survey of A ...
NBER WORKING PAPER SERIES Jesús Fernández-Villaverde
... of the data. But we will not limit ourselves to using a standard DSGE model. Instead, we will extend it in what we think are important and promising directions by incorporating stochastic volatility into the structural shocks and parameter drifting in the Taylor rule that governs monetary policy. Un ...
... of the data. But we will not limit ourselves to using a standard DSGE model. Instead, we will extend it in what we think are important and promising directions by incorporating stochastic volatility into the structural shocks and parameter drifting in the Taylor rule that governs monetary policy. Un ...
Mankiw 5/e Chapter 4: Money and Inflation
... Nominal variables: measured in money units, e.g. nominal wage: dollars per hour of work nominal interest rate: dollars earned in future by lending one dollar today the price level: the amount of dollars needed to buy a representative basket of goods ...
... Nominal variables: measured in money units, e.g. nominal wage: dollars per hour of work nominal interest rate: dollars earned in future by lending one dollar today the price level: the amount of dollars needed to buy a representative basket of goods ...
THE RETURN OF THE WAGE PHILLIPS CURVE
... price setting.1 The degree of nominal wage rigidities and other features of wage setting play an important role in determining the response of the economy to monetary and other shocks. Furthermore, the coexistence of price and wage rigidities has important implications for the optimal design of mone ...
... price setting.1 The degree of nominal wage rigidities and other features of wage setting play an important role in determining the response of the economy to monetary and other shocks. Furthermore, the coexistence of price and wage rigidities has important implications for the optimal design of mone ...
Foundations of Economics, 3e (Bade/Parkin)
... 17) How does an increase in the price level affect the aggregate quantity of goods and services demanded? Answer: An increase in the price level decreases the aggregate quantity of goods and services demanded for three reasons. First, it decreases the buying power of money. As a result, people decr ...
... 17) How does an increase in the price level affect the aggregate quantity of goods and services demanded? Answer: An increase in the price level decreases the aggregate quantity of goods and services demanded for three reasons. First, it decreases the buying power of money. As a result, people decr ...
Economic Statistics in Hong Kong SAR, China
... N/A N/A Quality assessment framework is available and used to monitor the quality of economic statistics outputs Centralized national metadata repository is available and statistical releases are accompanied with metadata Centralized business register is currently used for multiple statistical produ ...
... N/A N/A Quality assessment framework is available and used to monitor the quality of economic statistics outputs Centralized national metadata repository is available and statistical releases are accompanied with metadata Centralized business register is currently used for multiple statistical produ ...
Mankiw 5/e Chapter 4: Money and Inflation
... Nominal variables: measured in money units, e.g. nominal wage: dollars per hour of work nominal interest rate: dollars earned in future by lending one dollar today the price level: the amount of dollars needed to buy a representative basket of goods ...
... Nominal variables: measured in money units, e.g. nominal wage: dollars per hour of work nominal interest rate: dollars earned in future by lending one dollar today the price level: the amount of dollars needed to buy a representative basket of goods ...
An assessment of Eurosystem staff macroeconomic projections
... 3.1 Errors in projecting real GDP and HICP inflation This section presents an assessment of the Eurosystem staff projections for real GDP and HICP inflation in the euro area during the period 2000-2012. The annual projections have been assessed by analysing errors in both the current-year projection ...
... 3.1 Errors in projecting real GDP and HICP inflation This section presents an assessment of the Eurosystem staff projections for real GDP and HICP inflation in the euro area during the period 2000-2012. The annual projections have been assessed by analysing errors in both the current-year projection ...
NBER WORKING PAPER SERIES PERCEPTIONS AND MISPERCEPTIONS OF FISCAL INFLATION
... a misperception to believe that fiscal policy can affect inflation only if monetary policy monetizes deficits in the manner that Sargent and Wallace envision. The tight connection between seigniorage financing and inflation in Sargent and Wallace’s model stems from the assumption that bonds are real, or p ...
... a misperception to believe that fiscal policy can affect inflation only if monetary policy monetizes deficits in the manner that Sargent and Wallace envision. The tight connection between seigniorage financing and inflation in Sargent and Wallace’s model stems from the assumption that bonds are real, or p ...
Forecasting South African Inflation
... based on a variation of the Phillips curve in equation (1), where there is a significant role for the variables measuring the balance between aggregate demand and aggregate supply. An immediate problem of empirically implementing equation (1) in the South African context, however, is the lack of acc ...
... based on a variation of the Phillips curve in equation (1), where there is a significant role for the variables measuring the balance between aggregate demand and aggregate supply. An immediate problem of empirically implementing equation (1) in the South African context, however, is the lack of acc ...
NBER WORKING PAPER SERIES THE CONDUCT OF DOMESTIC ICY Robert J. Gordon
... in nominal GNP growth will be divided between inflation and real GNP growth. The results from the equation estimated through 1980 are used to examine the behavior of inflation during the 1981—82 recession, and to predict the behavior of inflation and unemployment that would accompany alternative pat ...
... in nominal GNP growth will be divided between inflation and real GNP growth. The results from the equation estimated through 1980 are used to examine the behavior of inflation during the 1981—82 recession, and to predict the behavior of inflation and unemployment that would accompany alternative pat ...
Optimal simple and implementable monetary and fiscal rules
... empirically obvious ones to make nor that researchers believe that they are inconsequential for the nature of optimal monetary policy. Rather, the motivation is purely technical. Namely, the stylized models considered in the literature make it possible for a first-order approximation to the equilibri ...
... empirically obvious ones to make nor that researchers believe that they are inconsequential for the nature of optimal monetary policy. Rather, the motivation is purely technical. Namely, the stylized models considered in the literature make it possible for a first-order approximation to the equilibri ...
The Black-Scholes Equation - Institute for Mathematics and its
... asset price, S, in each infinitesimal time interval dt. This decrease in S is equal to the amount paid out by the dividend: δ S dt with a constant δ ≥ 0. This is due to the no-arbitrage principle: otherwise, by purchasing the asset at time t and selling it immediately after receiving the dividend on ...
... asset price, S, in each infinitesimal time interval dt. This decrease in S is equal to the amount paid out by the dividend: δ S dt with a constant δ ≥ 0. This is due to the no-arbitrage principle: otherwise, by purchasing the asset at time t and selling it immediately after receiving the dividend on ...
On our own? The Icelandic business cycle in an international context
... These cycles may vary in size and duration over time, but they are usually defined to have periodicities of one and half year to eight years, while fluctuations over higher frequencies are referred to as irregular fluctuations and lower frequency fluctuations are thought of as movements in trend com ...
... These cycles may vary in size and duration over time, but they are usually defined to have periodicities of one and half year to eight years, while fluctuations over higher frequencies are referred to as irregular fluctuations and lower frequency fluctuations are thought of as movements in trend com ...
mongolia`s resources boom: a cge analysis
... social and economic well-being of Mongolians is the greatest challenge. The resources boom in recent years directly impacted remarkable economic growth, and affected Mongolia’s economic structure, social welfare, institutional quality and environment. The unprecedented improvement in the terms of tr ...
... social and economic well-being of Mongolians is the greatest challenge. The resources boom in recent years directly impacted remarkable economic growth, and affected Mongolia’s economic structure, social welfare, institutional quality and environment. The unprecedented improvement in the terms of tr ...
NBER WORKING PAPER SERIES Robert E. Hall Working Paper 15496
... Adding partial borrowing constraints to an otherwise standard New Keynesian model does boost the consumption multiplier. Multipliers are not structural constants. They describe the responses of endogenous variables to changes in the driving force of government purchases. Multipliers depend on moneta ...
... Adding partial borrowing constraints to an otherwise standard New Keynesian model does boost the consumption multiplier. Multipliers are not structural constants. They describe the responses of endogenous variables to changes in the driving force of government purchases. Multipliers depend on moneta ...
WHY THE FEDERAL RESERVE SHOULD ADOPT INFLATION TARGETING
... on its head. I would argue that inflation targeting can actually make it easier to reduce output fluctuations and probably has done so. First the presence of an inflation target which provides an effective nominal anchor enables a central bank to be even more aggressive in the face of negative shoc ...
... on its head. I would argue that inflation targeting can actually make it easier to reduce output fluctuations and probably has done so. First the presence of an inflation target which provides an effective nominal anchor enables a central bank to be even more aggressive in the face of negative shoc ...
